Overview:
USD/CHF is expected to trade with risks skewed higher.The financial markets in Switzerland were shut today for Easter holiday. USD/CHF is supported by the positive dollar sentiment and dovish Swiss National Bank's monetary policy stance. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross. Daily chart is positive-biased as stochastics is bullish, MACD is staged bullish crossover against its exponential moving average.
Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8845 and the second target at 0.8860. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8775. A breach of this target will push the pair further downwards and one may expect the second target at 0.8755. The pivot point is at 0.880.
Resistance levels:
0.8845
0.8860
0.8885
Support levels:
0.8775
0.8755
0.8735
